Re: IMF Managing Director’s response to the UN Human Rights Council Letter of Allegation concerning surcharge policy
Tags: IMF
The debt crisis will not be solved by a new loan
External debt payments for a year exceed foreign currency reserves and current debt policy is not sustainable
On August 31, the Egyptian Initiative for Personal Rights published a new periodic report titled “COVID-19 and external debt in 2020: Pandemic-induced borrowing.” The most recent issue of the series on foreign debt, which EIPR has published since
These drastic economic measures are taking place alongside a severe crackdown on civil and political rights. Egypt’s civic space has been decisively evaluated as “closed” by international monitoring initiatives, and the government has recently ratified an NGO law that UN human rights experts have indicated could “devastate civil society.”
The Egyptian government implemented half of the measures required of it under the terms of the agreement with the International Monetary Fund (IMF) from April to December 2017, the second IMF review period.
The report, issued by the Egyptian Initiative for Personal Rights, aims to monitor the measures imposed by the loan program and their impact on the economy, both positive and negative. It also identifies the measures the government failed to carry out and attempts to offer alternatives that are less onerous for the public, especially low-income groups.
When the IMF agrees to extend a loan to a country, there is a number of documents the IMF team is obligated to publish and several more the government in question must release.
The Egyptian Initiative for Personal Rights released a report, “The Illusion Dispelled – Egypt's Economic Crisis: Causes - Alternatives - Remedies”, w
In the midst of the crisis sparked by the first constitutional declaration issued on 22 November, President Mohamed Morsy issued several presidential laws by decree with economic consequences.
Dr. Hisham Qandil
Prime Minister of Egypt
Magles El Shaab St.,
Kasr El Aini St.Cairo
Ms. Christine Lagarde
Managing Director
International Monetary Fund,
700 19th Street N.W.
